Advance Tax
Under this scheme, every assessee is required to pay tax in a particular financial year, preceding the assessment year, on an estimated basis. However, if such estimated income is less than Rs. 10000, then no advance tax is payable.
The due dates of payment of advance tax are:-
| In case of corporate assessee | Otherwise | |
|---|---|---|
| On or before 15 June of the previous year | Up to 15% of advance tax payable | - |
| On or before 15 September of the previous year | Up to 45% of advance tax payable | Up to 30% of advance tax payable |
| On or before 15 December of the previous year | Up to 75% of advance tax payable | Up to 60% of advance tax payable |
| On or before 15 March of the previous year | Up to 100% of advance tax payable | Up to 100% of advance tax payable |
Any default in payment of advance tax attracts penalty under section 234B and any deferment of advance tax attracts penalty under section 234C.
Read more about this topic: Income Tax In India
Famous quotes containing the words advance and/or tax:
“Behind every individual closes organization; before him opens liberty,—the Better, the Best. The first and worse races are dead. The second and imperfect races are dying out, or remain for the maturing of the higher. In the latest race, in man, every generosity, every new perception, the love and praise he extorts from his fellows, are certificates of advance out of fate into freedom.”
—Ralph Waldo Emerson (1803–1882)
“But the tax collector, standing far off, would not even look up to heaven, but was beating his breast and saying, ‘God, be merciful to me, a sinner!’”
—Bible: New Testament, Luke 18:13.